OPEC

OPEC The Organization of the Petroleum Exporting Countries (OPEC) was created at the Baghdad discussion in Iraq in September 1960. The founding members of the organization were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Eight other countries later joined these five states: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), and Gabon (1975). Ecuador and Gabon remove from the organization in 1992 and 1994. The opec countries build up by mostly middle-east countries. The OPEC actives bring in …

…decline in the country's oil and gas export revenues. * If oil prices had not collapsed beginning in late 1997, OPEC oil export revenues for 1998 would likely be running more than 30% higher than they actually are. Reference: http://www.oneworld.net/ips2/july00/22_02_09 http://www.icr.org/pubs/imp/imp-239.htm1.html http://www.nepo.go.th/inter/opec/RoleOfOPEC.html http://www.eia.doe.gov/oiaf/archive/ieo00/tbl_11.html http://www.irvl.net/OPEC-FACTSHEET.htm